Comments on: Your Online Credit Score May be Bogus http://mikeyounglaw.com/wp/2008/05/05/your-online-credit-score-may-be-bogus/ "Attorney Mike Young focuses exclusively on Internet law and online marketing" Wed, 07 Jan 2009 20:26:10 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Soydayned http://mikeyounglaw.com/wp/2008/05/05/your-online-credit-score-may-be-bogus/comment-page-1/#comment-11078 Soydayned Thu, 08 May 2008 10:22:26 +0000 http://mikeyounglaw.com/wp/?p=266#comment-11078 i am gonna show this to my friend, man i am gonna show this to my friend, man

]]> By: Mike Young http://mikeyounglaw.com/wp/2008/05/05/your-online-credit-score-may-be-bogus/comment-page-1/#comment-11076 Mike Young Tue, 06 May 2008 13:15:20 +0000 http://mikeyounglaw.com/wp/?p=266#comment-11076 David, Thanks for sharing your expertise in this area. It is a shame that these credit reports don't take into account personal character factors like the ones you mention. That's an unfortunate business decision. Where the credit reporting agencies are crossing the line is selling credit scores to consumers that bear no relation to the scores that really count when it comes to qualifying for credit. Best wishes, -Mike David,

Thanks for sharing your expertise in this area. It is a shame that these credit reports don’t take into account personal character factors like the ones you mention. That’s an unfortunate business decision. Where the credit reporting agencies are crossing the line is selling credit scores to consumers that bear no relation to the scores that really count when it comes to qualifying for credit.

Best wishes,

-Mike

]]> By: David Phillips http://mikeyounglaw.com/wp/2008/05/05/your-online-credit-score-may-be-bogus/comment-page-1/#comment-11075 David Phillips Tue, 06 May 2008 04:04:37 +0000 http://mikeyounglaw.com/wp/?p=266#comment-11075 As a former F&I manager for auto dealerships with over 28 years experiencem my colleagues and I often discussed the use of scores when they fere introduced in the 90's.We felt and most people still do that the use of these scores give the credit reporting agencies a vcested interest in keeping a customer's score low. When I was trained for finance I was taught to consider the 3 c's of credit when evaluating a credit application. The 3 c's are credit, collateral and character. Take for an example the factory worker who is laid off every year for a set period of time. His score may not be high due to missed payments during this period. Yet in a case such as this if you call his creditors on the phone for a rating you will often get a different picture. The creditor may tell you that Bill gets a little behind each year around a certain time but always catches up after the work starts up again. This speaks to the character of the client, But today using computer generatred scores and grading systems this info never is looked at by the creditor. In my opinion this use of computers to score and make decisions without investigation is one of the leading cauese of identity theft. As a former F&I manager for auto dealerships with over 28 years experiencem my colleagues and I often discussed the use of scores when they fere introduced in the 90’s.We felt and most people still do that the use of these scores give the credit reporting agencies a vcested interest in keeping a customer’s score low. When I was trained for finance I was taught to consider the 3 c’s of credit when evaluating a credit application. The 3 c’s are credit, collateral and character. Take for an example the factory worker who is laid off every year for a set period of time. His score may not be high due to missed payments during this period. Yet in a case such as this if you call his creditors on the phone for a rating you will often get a different picture. The creditor may tell you that Bill gets a little behind each year around a certain time but always catches up after the work starts up again. This speaks to the character of the client, But today using computer generatred scores and grading systems this info never is looked at by the creditor. In my opinion this use of computers to score and make decisions without investigation is one of the leading cauese of identity theft.

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